Chunghwa Telecom Announces Management Changes

TAIPEI, Taiwan, May 8, 2019 -- Chunghwa Telecom Co., Ltd. (TAIEX: 2412, NYSE: CHT) ("Chunghwa" or "the Company") today announced that, due to the promotion of the former President Mr. Chi-Mau Sheih to Chairman & CEO of the Company, the board of directors has appointed Mr. Shui-Yi Kuo, Chief Financial Officer and Senior Executive Vice President, as the new President of the Company, effective today. Mr. Kuo will remain Chief Financial Officer until a successor has been identified. In addition, because the current internal auditing officer, Mr. Fu-Kuei Chung, retires on June 30, 2019, the board of directors has appointed Mr. Min-Gume Cheng, current vice president of the Data Communication Business Group, as his successor.

Chunghwa’s new President, Mr. Shui-Yi Kuo, has been with the Company since 2001. Prior to Chunghwa, he served in the auditing and business consulting group at Arthur Anderson Taiwan. Since his time at Chunghwa, Mr. Kuo has served as special assistant to the Chairman and assisted in the design of employee incentive plans, such as the Employee Stock Ownership Trust, during the privatization of the Company. He also served as Assistant Vice President of the planning development and investment department, Vice President of the accounting department, President of Chunghwa’s subsidiary Light Era, Vice President and President of the investment department, Senior Executive Vice President of Investment and Chief Financial Officer. Mr. Kuo has extensive experience in the business operations, finance, and performance management of Chunghwa’s strategic investment companies, and been in responsible for the spin-offs of Chunghwa Precision Test Tech. Co., Chunghwa Leading Photonics Tech and CHT Security, as well as the public listings on TPEx of subsidiaries Chief Telecom and KingwayTek Technology.

Chunghwa’s new internal auditing officer Mr. Min-Gume Cheng has been with the Company since 1982 where he has served as Vice President of the human resources department, Vice President of the Mobile Communication Business Group, and Vice President of the Data Communication Business Group, where he gained extensive experience in administrative and technical management. Mr. Cheng’s prudent and rigorous work ethic is well suited for supervising the execution of the auditing process and creating value for the Company and shareholders alike.

Chunghwa Chairman Mr. Sheih commented that he has full confidence in the professional competence and execution capabilities of the Chunghwa Telecom team to execute the Company’s strategic transformation plan and laying a strong foundation for the Company’s long-term growth.

Mr. Sheih and Mr. Kuo both have long tenures at Chunghwa Telecom and are internally promoted professional managers. Their extensive knowledge in telecom business and technologies, and in accounting and corporate finance, complement each other well and will provide a smooth management transition. In the backdrop of decreasing operating profits, global telecom companies are actively seeking additional growth momentum through business partnerships, M&A, and other investments. The Company remains confident that under the leadership of Mr. Sheih and Mr. Kuo, Chunghwa Telecom will continue to excel in the coming wave of 5G competition and further solidify its leading position in the domestic telecom industry.

About Chunghwa Telecom

Chunghwa Telecom (TAIEX 2412, NYSE: CHT) is Taiwan's largest integrated telecommunications services company that provides fixed-line, mobile, broadband, and internet services. The Company also provides information and communication technology services to corporate customers with its big data, information security, cloud computing and IDC capabilities, and is expanding its business into innovative technology services such as IoT, AI, etc. In recent years, Chunghwa has been actively involved in corporate social responsibility and has won domestic and international awards and recognition. www.cht.com.tw.